Monday, January 16, 2006

Home Loans - How much do you really know?

Purchasing a house is one of the major buying decisions an individual makes in his life and care needs to be taken while planning for finances. Understanding the tax implications as well as the real rate of borrowing of a home loan helps the individual in evaluating his options better.

Budget 2005 provided a stimulus to the home loan industry. The principal amount upto Rs.100,000/- repaid on home loans every year would be allowed as a deduction under Section 80C from the taxable income. Earlier, it stood at Rs.20,000/-. In addition to the principal amount, interest paid up to Rs. 150,000/- per year on home loans also attracts tax benefits under Section 24.


Anonymous Anonymous said...

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16 January, 2006


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